CBN announce new N203 black market rate to Dollar

The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market as early as next week, according to The Nation

The Naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.


According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that Naira appreciation is going to trend upwards going forward.”

So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

The source noted that it has been observed that most of the imports that were draining forex resources have since found local substitutes with attendant savings in forex and shortage of demand for the greenback, which was fuelling the pressure, this is also coming on the heels of the CBN instruction to commercial banks to publish allocation of forex to end-users, this has in recent times ensure that real sector of the economy and genuine users for education and medicals have been able to access forex at official rate.

Seven Principles of an eagle to live by

(1) Eagles fly alone and at high altitudes. They don't fly with sparrows or other small birds.

Stay away from sparrows and ravens, those that bring you down. Eagles fly with Eagles. Keep good company.


(2) Eagles have an accurate vision. They have the ability to focus on something as far as 5km. No matter the obstacles, the eagle will not move his focus from the prey until he grabs it.

Have a vision and remain focused no matter what the obstacle and you will succeed.

(3) Eagles do not eat dead things. They feed only on fresh prey.

Do not rely on your past success, keep looking for new frontiers to conquer. Leave your past where it belongs, in the past.

(4) Eagles love the storm. When clouds gather, the eagles get excited. The eagle uses the storm’s wind to lift it higher. Once it finds the wind of the storm, the eagles uses the raging storm to lift him above the clouds. This gives the eagle an opportunity to glide and rest its wings. In the meantime, all the other birds hide in the leaves and branches of the trees.

Face your challenges knowing that these will make you emerge stronger and better than you were. We can use the storms of life to rise to greater heights. Achievers are not afraid of challenges rather they relish them and use them profitably.

(5) When a female eagle meets a male and they want to mate, she flies down to earth with the male pursing her and she picks a twig. She flies back into the air with the male pursuing her.
Once she has reached a height high enough for her, she lets the twig fall to the ground and watches it as it falls. The male chases after the twig. The faster it falls, the faster he chases until he reaches it and has to catch it before it falls to the ground, then bring it back to the female eagle.

The female eagle grabs the twig and flies to a much higher altitude, and then drops the twig for the male to chase.
This goes on for hours, with the height increasing until the female eagle is assured that the male eagle has mastered the art of picking the twig which shows commitment, then and only then, will she allow him to mate with her!

Whether in private life or in business, one should test commitment of people intended for partnership.

(6) Eagles prepare for training. They remove the feathers and soft grass in the nest so that the young get uncomfortable in preparation for flying.

Leave your comfort zone, there is no growth there.

(7) When the Eagle grows old, his feathers become weak and cannot take him as fast as he should. When he feels weak and about to die, he retires to a place far away in the rocks. While there, he plucks out every feather on his body until he is completely bare. He stays in this hiding place until he has grown new feathers, then he can come out.

We occasionally need to shed off old habits, things that burden us, or add no value to our lives.

Best wishes.
Isaiah 40:31 "But those who wait on The Lord shall renew their strength; they shall mount up with wings like eagles; they shall run and not be weary; they shall walk and not faint."

Buhari to implement Jonathan’s FDI industrial revolution plan

The President Muhammadu Buhari’s administration has announced plans to implement the Nigeria Industrial Revolution Plan (NIRP) initiated by the immediate past administration led by Goodluck Jonathan.

Proactively designed to salvage Nigeria’s economy from its monolithic status, the NIRP was launched in 2014 to transform the country from commodity export nation into an industrial economy.

While launching the programme, former President Jonathan described it as the most ambitious and comprehensive roadmap that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

Speaking at his inaugural press briefing in Lagos, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that manufacturing currently contributes only a tenth to the nation’s Gross Domestic Product (GDP), which is much lower than it does in other emerging market economies.

The minister said that the industrialisation ambition of the nation was hinged on the NIRP, adding that it was now time to move the comprehensive document from plan to action.

His words: “It is now our duty to implement that plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.

“We are focusing on identifying and supporting a select number of industrial sectors in which Nigeria has comparative advantage. We have seen success in our backward integration policies in the cement industry; and sugar is currently trying to replicate that success.

“In the automotive, cotton, textile and garment (CTG) industries, we are continuing discussions with players and stakeholders to see how we can better implement an industrial policy that creates jobs, profits and prosperity.”
SEE ALSO: N10bn fraud: EFCC to demand full repayment of what PDP delegates recieved

While describing the current economic situation as extraordinary times for Nigeria as a country, its citizens and for the government, he lamented that oil price, on which the nation depended for 75 per cent of government revenues and 90 per cent of foreign exchange earnings, has been down by 70 per cent since mid-2014.

He explained that the development was coupled with the knock-on effects from changing conditions in the world’s two largest economies, from the end of the era of quantitative easing in the United States and availability of higher returns to investors, and the slowdown in China.

“These are also accompanied by a net outflow of investment from emerging markets. The negative impact of all these on our economy, everything from government’s finances to investment flows to currency valuation has been significantThe President Muhammadu Buhari’s administration has announced plans to implement the Nigeria Industrial Revolution Plan (NIRP) initiated by the immediate past administration led by Goodluck Jonathan.”
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Proactively designed to salvage Nigeria’s economy from its monolithic status, the NIRP was launched in 2014 to transform the country from commodity export nation into an industrial economy.

While launching the programme, former President Jonathan described it as the most ambitious and comprehensive roadmap that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

Speaking at his inaugural press briefing in Lagos, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that manufacturing currently contributes only a tenth to the nation’s Gross Domestic Product (GDP), which is much lower than it does in other emerging market economies.
SEE ALSO: Tompolo: Withdraw troops from Niger Delta – Ann-Kio Briggs warns Buhari

The minister said that the industrialisation ambition of the nation was hinged on the NIRP, adding that it was now time to move the comprehensive document from plan to action.

His words: “It is now our duty to implement that plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.

“We are focusing on identifying and supporting a select number of industrial sectors in which Nigeria has comparative advantage. We have seen success in our backward integration policies in the cement industry; and sugar is currently trying to replicate that success.

“In the automotive, cotton, textile and garment (CTG) industries, we are continuing discussions with players and stakeholders to see how we can better implement an industrial policy that creates jobs, profits and prosperity.”

While describing the current economic situation as extraordinary times for Nigeria as a country, its citizens and for the government, he lamented that oil price, on which the nation depended for 75 per cent of government revenues and 90 per cent of foreign exchange earnings, has been down by 70 per cent since mid-2014.

He explained that the development was coupled with the knock-on effects from changing conditions in the world’s two largest economies, from the end of the era of quantitative easing in the United States and availability of higher returns to investors, and the slowdown in China.

“These are also accompanied by a net outflow of investment from emerging markets. The negative impact of all these on our economy, everything from government’s finances to investment flows to currency valuation has been significant.”